LPC: Credit Suisse sells BDC to CION Investment

The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland July 28, 2016.
REUTERS/Arnd Wiegmann/File Photo

By Leela Parker Deo| NEW YORK

NEW YORK Credit Suisse has sold its business development company Credit Suisse Park View BDC to CION Investment Corp in a cash transaction valued at approximately US$277m.

CION, through acquisition subsidiary Park South Funding, acquired all of the common stock of CS Park View from Credit Suisse Alternative Capital, LLC, according to an October 7 statement from law firm Dechert LLP.

The Park View BDC was considered a non-strategic asset, sources familiar with the transaction told Thomson Reuters LPC.

Dechert advised CION on the acquisition, which closed on September 30.

Credit Suisse confirmed the sale.

The Park View BDC was managed by co-heads Thomas Hall and Jens Ernberg.

Following the sale, Hall is leaving Credit Suisse, the sources said. Ernberg could not immediately be reached.

BDCs are a specialized type of closed-end investment vehicle that lend to small and mid-sized private US companies.

The BDC universe includes both publicly traded funds whose shares are listed on an exchange as well as vehicles that are unlisted, or non-traded. Park View BDC is an unlisted BDC.

(Reporting by Leela Parker Deo; Editing By Jon Methven)

Next In Deals - Americas

NEW YORK The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation.

Twenty-First Century Fox Inc's plan to buy the remaining stake in Sky Plc further insulates the Murdoch family-owned media company from a U.S. television advertising market roiled by sagging ratings, experts said.

NEW YORK/LONDON Rupert Murdoch's Twenty-First Century Fox Inc has struck a preliminary deal to buy the 61 percent of British pay-TV firm Sky Plc it does not already own for around $14 billion, five years after a political scandal wrecked a previous bid.